AY 2019-20 Income Tax Return Filing | Which ITR Form should you file?

The Central Board of Direct Taxes has notified the new ITR Forms for AY 2019-20 Income Tax Return Filing (for FY 2018-19).

The new ITR forms in PDF format have been made available, while the excel utilities (or) Java Utilities for AY 2019-20 will soon be made available on incometaxindia e-filing website.

What is Assessment Year (AY) & Financial Year (FY)?

Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2018-19.

For example, if you have had an income between 1st April 2018 and 31 March 2019, then 2018-19 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2019-20.

If your Income Tax Return is not subject to any Tax Audit, the due date for Tax Filing is 31st July, 2019 (as of now).

Latest updateExtension of ITR Filing due date : The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019.

Income Tax Slab Rates for FY 2018-19 / AY 2019-20

The income tax slabs & rates are categorized as below;

  • Individual resident aged below 60 years.
  • Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time  during the previous year) &.
  • Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year).
Latest Income Tax Slab Rates FY 2018-19 Tax rate chart Assessment year 2019-2020
Income Tax Slab Rates for FY 2018-19 / AY 2019-20 ITR Filing

AY 2019-20 Income Tax Return Filing | New ITR Forms

While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised. Below are some of the important details about new ITR forms;

  • For FY 2018-19, a standard deduction of Rs 40,000 in lieu of travel & medical expense reimbursement has been proposed for salaried employees and pensioners. So, you need to consider this deduction in your ITR.
  • A new Section 80TTB has been introduced in FY 2018-19. For Senior Citizens, the Interest income earned on Fixed Deposits & Recurring Deposits (Banks / Post office schemes) is exempted up to Rs 50,000 (FY 2017-18 limit is up to Rs 10,000). This deduction can be claimed under new Section 80TTB.
Income Tax Return Filing AY 2019-20 FY 2018-19 Sec 80TTB
Section 80TTB in ITR Form AY 2019-20
  • There was 3% cess on personal income tax (2% for primary education and 1% for secondary and higher education) for AY 2018-19. This will be replaced with 4% Health & Education Cess for ITR filing AY 2019-20.
  • The premium paid on health insurance plans by senior citizens of up to Rs 50,000 can be claimed as tax deduction under Section 80D.
  • The limit under section 80DDB has been increased to Rs 1 lakh towards medical expenses, for treatment of Critical Illnesses.
  • LTCG tax at 10% on gains of above Rs 1 lakh from Equities & Equity mutual funds has to be shown in applicable ITR form.

Taxation of Long Term Capital Gains on Shares & Equity Mutual Funds AY 2019-20
  • Additional details for Residential Status (in ITR 2 and 3) have to be reported for AY 2019-20.
Residential Status reporting in ITR Form 2 ITR Form 3 AY 2019-20
Residential Status Details in new ITR Forms AY 2019-20
  • Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.
  • Those getting money in the form of donation would have to give details of the name of donors, their address and PAN. 
  • The Taxpayers having an agricultural income (above Rs 5 lakh) need to file ITR-2 with details of the and, the name of the district when he owns the land and the PIN. They will also have to share details of the ownership of the land, whether it is irrigated or dependent on rainwater.
New ITR Forms AY 2019-20 Agricultural income above Rs 5 lakh land details ITR filing FY 2018-19 ITR 2 form
Exempt Income | Agricultural Income | Land Details in ITR Form
  • The Prescribed details of buyer need to be provided in case of transfer of any immovable property in ITR Form 2 & 3.
New ITR Forms for AY 2019-20 Transfer of immovable property buyer details
Transfer of Immovable property & Buyer details
  • The disclosure regarding deemed let out property has been introduced to identify cases where rental income has been offered on a notional basis. Further, the assessee is also required to quote PAN/TAN of the tenant (if TDS credit is claimed).
Income tax return filing FY 2018-19 deemed rental income from property notional basis
Deemed Let-out Property option for Rental Income
  • Column A, which deals with the details of foreign bank account in ITR Form 2 & 3, has been reframed to include the details of foreign depository account, foreign custodian accounts, foreign equity and debt interest, foreign cash value insurance contract or annuity contract etc.

AY 2019-20 Income Tax Return Filing | Which ITR form to file?

Who can file New ITR 1 (Sahaj) Form For Assessment Year 2019-20?

  • ITR-1 Form can be used if you have;
    • Salary or Pension Income
    • Income from one house property (excluding cases where loss is brought forward from previous years)
    • No business income / no Capital gains
    • No asset in foreign country or no income from a source outside India
    • Agricultural  income which is less than Rs 5,000
    • Income from other sources like FD/Shares/NSC etc.,
    • No income from lottery or horse racing.TR Form-1 (Sahaj) can be filed by an individual who is resident other than not ordinarily resident, having income upto Rs 50 lakh and who is receiving income from salary, one house property / other income (interest etc.).

Who can file New ITR 2 Form for Assessment year 2019-20?

  • ITR2 form can be filed by an Individual or Hindu Undivided Family (HUF). This form can be used if you have;
    • Salary or Pension Income
    • Income under the head ‘Capital Gains’
    • Income from multiple houses
    • No business / professional income under any proprietorship
    • An asset in foreign country or income from a source outside India
    • Agricultural income of more than Rs 5,000
    • Income from lottery or horse racing
    • If your income is more than Rs 50 Lakh, ITR 2 has a Schedule AL requiring assessees to declare their assets and liabilities at the end of the fiscal.

Who can file New ITR 3 Form for Assessment year 2019-20?

  • New ITR 3 form is for individuals and HUFs having income from a proprietary business or profession (or having income as a partner in a Partnership firm).
  • This ITR covers all kind of businesses and professions irrespective of any income limit. Assessee can also report his income from salary, multiple house properties, lottery winnings, capital gains, speculative income i.e. horse race in ITR3 together with the Business Income.

Who can file ITR 4 Sugam Form for AY 2019-20?

  • This form can be used by individuals who have;
    • For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession 
    • No Capital Gains  
    • Agricultural Income which is less than Rs 5k  
    • No asset in foreign country or no income from a source outside India  
    • Income from one house property  
    • Income from other sources

Important points to consider before filing your ITR :

  • Before you file your Income Tax returns, check if your Form 26 AS has correct TDS entries.
    • For example: Your employer might have deducted TDS amount for last quarter and deposited the amount on your behalf. Check for this transaction in Form 26 AS. Also, check whether all the investments with TDS have been duly mentioned in your Tax return form also. Any mismatch will lead to a notice from the department.
  • Do not file your ITR till you get Form-16 (issued by your employer, if salaried) and Form 16A. While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. Form 16A is a statement containing all details of TDS Deducted on all Payments except Salary. For example,  Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits / Recurring Deposits.
    • Form16, Form 16A and Form 26AS documents will come handy while filing your ITR. As discussed above, you have most of the details in your form 16 with which you can easily file your Tax Returns. Cross check your Form 16/16A TDS amounts with Form 26AS and then key in TDS details in ITR accordingly.
    • Based on Form 16, you can fill ‘Income’ and ‘TDS’ details. By looking at your Form 16 A, you can fill ‘income from other sources’ and ‘TDS’ details in ITR sheet.
    • Based on Form26 AS, you can cross check the above TDS payments and also fill in details of ‘Advance or self assessment tax’ payments (if any) in your ITR sheet. (Related Article : ‘Understanding your Form 16 & other Tax related forms – Form 16A & Form 26AS‘)
  •  If you had joined a new company during the financial year then do not forget to declare the income from previous employer in the tax return.
  • You might have earned interest income on Bank fixed deposits, Bonds, National Saving Certificates (NSCs) etc., This income is taxable. (Interest earned on bank savings account is exempted upto Rs 10,000 but it should be included in filing). You have to declare all these incomes in your tax return.
  • In case, if your declared investment amount (to your employer) is more than your actual investments, you have to pay additional taxes while filing your Income Tax Return
  • In case, if your declared amount is less than your actual investments, your company might have deducted higher TDS. So, you can claim this as ‘refund‘ while filing your taxes. (Kindly read : ‘TDS & Misconceptions‘)
  • Even if you miss the deadline for submitting the investment proofs, you can still claim all the tax deductions while filing your Income Tax Return.
  • It is advisable to keep copies of all your original documents for your future reference.
  • If an income tax return is filed after the due date (July 31) but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000. If the return is filed after December 31, there would be fine of Rs 10,000. After March 31, the returns cannot be filed. However, in case the total income is less than Rs 5 lakh, the penalty should not exceed Rs 1,000. (Related Article : ‘How many Previous Years’ Income Tax Returns can be filed after Due date?‘)

Continue reading :

(Post first published on : 05-April-2019)

(The above information is based on the limited available information, the details may be updated/edited if required.)

  • Rajkumari says:

    Dear Sir,

    I have a PPF account .

    In 2018-19, i earned interest on PPF around 8000 in PPF account and this amount reinvested automatically in PPF only.
    Also new amount deposited in PPF by me is around 80000.

    So now where to show these amount in ITR 1.

    • Sreekanth Reddy says:

      Dear Rajkumari,
      Kindly note that interest earned on PPF is tax-exempt.
      If you do not have any other sources of income, you can file ITR-1.

      • Rajkumari says:

        Sir i need ur help on these two topics

        1. While disclosing PPF amount in deduction under sec 80c am i need to show only 80,000 new deposit amount or 80000 +8000 =88000 with interest amt because ineterst amt also reinvested in PPF only.

        2 Am i need to disclose Interest earned on a PPF under excempt section of ITR 1.

        • Sreekanth Reddy says:

          Dear Rajkumari,
          1 – Interest amount gets accumulated and do not consider it as re-investment.
          The fresh deposits (maximum Rs 1.5 lakh) made by you during last FY 2018-19, can be totalled up and disclosed u/s 80c.

          2 – Yes, you can disclose the interest amount under exempted income section..

  • Rohit says:

    Dear Mr.Reddy,

    i have certain no of equity shares that have become delisted or not being traded any more,which are in my De-mat account which was purchased from BSE or NSE, so weather i have to report those shares also in the new colloum of unlisted shares??

    secondly i have a shop which is given on rent under which head should i report this – i think it should be income form house property?? what is meaning of deemed out property??

    thirdly : i am a residential indian only so should i tick the option : that i have been in india for 182 days or more??

    pls help with the queries thanks a lot .

  • Gopal says:

    I am salaried. Used ITR-1 till AY 2018-19. Acquired second house now. However income from one house only, other one is self occupied. Not taken any tax benefit for any of the houses. No refund due for AY 2019-20. My question is Can I continue to file with ITR-1 for AY 2019-20 although I have two houses?

  • Mamata says:

    Hi Mr Reddy,
    My mother’s IT Return is filed through form no. 1 Sahaj because she has income only from FDs and savings in bank. In FY 2018-19 , she had some LTCG which have been invested in bonds under sec 54ec. Now, to declare this LTCG as well as her income from bank savings which ITR form should be used?
    Thanks to you in anticipation
    Mamata

    • Sreekanth Reddy says:

      Dear Mamata,
      Has her ITR for AY 2019-20 already been filed through ITR-1 form?

      • Mamata says:

        No Mr. Reddy. By ITR 1, I meant Returns filed in past years. Her ITR for AY 2019-20 is yet to be filed. That’s why I’m asking this: In FY2018-19 she had income from Bank deposits and had a LTCG which has been invested in Sec 54EC bonds. Which ITR form should be used for AY 2019-20?
        Thanks

        • Sreekanth Reddy says:

          Dear Mamata,
          She can file ITR-2 form.

          • Mamata says:

            Thanks a lot.

          • Mamata says:

            Hi Mr. Reddy,

            In ITR 2, the LTCG section asks to fill up ” value of immovable property on official papers”. The immovable property my mother sold had multiple sellers alongwith her. Every seller’s share out of sale proceeds was separately quoted on the sale deed. So what value should be quoted in ITR – total value ( which includes share of other sellers as well) or only her share of sale proceeds?

            Hope you can help me on this one too.

            Thanks
            Mamata

          • Sreekanth Reddy says:

            Dear Mamata,
            I believe you need to mention the entire value of the consideration and can also mention the ‘share of ownership’.

            In case of joint ownership of property, income from the sale of the property shall be treated proportionately in the hands of the owners depending on the share of each joint owner in the property.

            Kindly consult a CA in this regard..

  • Rajasekhar says:

    which is the correct form to be filled up in case of only Professional Income and No other Income

    • Sreekanth Reddy says:

      Dear Rajasekhar,
      ITR 3 form is for individuals and HUFs having income from a proprietary business or profession (or having income as a partner in a Partnership firm).

      ITR 4 – For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession

  • BIKAS BISWAS says:

    Sir,
    What does Fiscal 19 mean?….is it FY 2018-19 or 2019-20?

    • Sreekanth Reddy says:

      Dear Bikas,
      Fiscal year is nothing but a Financial Year.

      For example, if you have had an income between 1st April 2018 and 31 March 2019, then 2018-19 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2019-20.

  • BIKAS BISWAS says:

    Sir,
    I am a salaried Govt. Employee. I have income from salary and other sources like Bank F.D. interest from which TDS is deducted.
    Now in ITR1 for AY 2019-20 I have to report Total Taxes Paid which includes…. Total TDS claimed+ Self assessment tax+ Advance tax paid. Now what is this “Total TDS claimed”? Is it the sum total of TDS from salary as per Form 16 (Schedule TDS1)+ TDS on the Bank F.D. interest as per Form 16A (Schedule TDS2)?
    Kindly clarify.

    • Sreekanth Reddy says:

      Dear BIKAS,
      Yes, your understanding is correct.

      FYI..

      Don’t be in a hurry to file your ITR, kindly wait till you get Form-16 (issued by your employer, if salaried) and Form 16As.

      While Form 16 is for only salary income, Form 16A is applicable for TDS on Income Other than Salary. For example, Form 16A is issued by banks when they deduct TDS on interest income earned on your Fixed Deposits

      The last date for an employer to issue Form 16 to their employees is 31st May and the last date to issue Form 16A (by banks/institutions) is 15th June.

      Cross-check your Form-16, Form 16A & Form 26AS (tax credits data available with the Govt) and then file your ITR.

      The TDS amounts reflected in Form 26AS and Form 16/16A should always be the same.

      But, make sure you file your Income Tax Return well before the filing due date

      • BIKAS BISWAS says:

        Sir,
        Thanks a lot for your elaborate and comprehensive reply.
        I have another query…..Is the TDS amount on the Bank F.D. interest reflected in Form 26AS?
        If yes, under which heading/column?
        Regards.

      • SRIRAMA KRISHNA says:

        Respected Sir I am a senior citizen compled 79 yrs age pensioner so far I submitted income tax Return Form 1 in manual paper form as i do not have taxable income I understand for F year 2018 19 I will have to submit on line My gross income Pension interest etc above 3 lakhs and afterdeductions std deduction med insurance investments taxable income is NIL NO TDS Kindly inform how to E file the Return FORM 1 and submit verification Kindly help

  • BIKAS BISWAS says:

    Sir,
    I have earned some pension amount from lici annuity plan for the FY 2018-19. I understand that the amount is fully taxable. Under which head of INCOME I can show the amount in itr1 for AY 2019-20?

    • Sreekanth Reddy says:

      Dear BIKAS,

      Taxability of Annuity :

      Annuity received from present employer is taxed as “ Salary”.

      Annuity received from past employer is taxed as “ Profits in Lieu of Salary”.

      Annuity received from a person other than employer is taxed under” Income from Other Sources”, such as “LIC ANNUITY”.

      • BIKAS BISWAS says:

        Sir,
        I am so grateful for your clear and prompt reply.
        I have another query. In ITR1 for AY 2019-20 there are many sub-heads under “Income from other sources”….like interest received from savings bank, deposit A/C, family pension,dividends, others etc. Under which sub-head of “Income from other sources” does the annuity received from LICI fall?
        Regards.

  • Sunaina says:

    Hi Srikanth ,

    I have worked in a company for 3 months and then moved to a different company where they created a different UAN . Now I have two UAN numbers . So can I withdraw the PF amount from my previous organisation and close that UAN as it belongs to a pvt trust. Please reply it’s urgent .

    • Sreekanth Reddy says:

      Dear Sunaina,
      Ideally an EPF member can have only one UAN.
      Have you linked your previous UAN and current UAN to your Aadhaar & PAN?

  • BIKAS BISWAS says:

    Sir,
    My mother who is a super senior citizen has income from family pension and some savings bank interest only. Which ITR she is required to file for the AY 2019-20?
    In ITR1 for AY 2019-20…..In Part A (General Information) a column “Nature of Employment”…..Govt. PSU, Pensioners, Others has been added which is mandatory to fill in online efiling. But my mother is a family pensioner which is included in “Income from other sources”. Unlike previous years there is no option like “not applicable” under “Nature of Employment”. Which option she should chose?

    • Sreekanth Reddy says:

      Dear BIKAS,
      I believe that she can select ‘others’ as nature of employment.

      “Pension received by a family member is taxed under income from other sources in your Income Tax Return.”

  • Is 80TTA not available for late filers? Is there such an amendment? An article on Taxguru by Sri Devendra Kumar Somani explains that this is a misunderstanding that amendment to section 80AC affects deductions under chapter VIA if not filed within due date. Kindly clarify.

    • Sreekanth Reddy says:

      Dear Manu,

      So the proposed amendments (in Budget 2018) relate to extend the coverage from section 80-IA or 80-IAB or 80-IB or 80-IC or 80-ID or 80-IE to entire Part C –Deduction in respect of Certain Incomes ( Section 80H to 80RRB). But these amendment does not cover the PART B (Section 80 C to 80 GC) or PART CA (Section 80TTA) or PART D (Section 80U to 80VV).

      Is my understanding correct now?

  • mitra says:

    hi srekanth
    how to file income return of the arrear amount recieved? plse let us know?
    mitra

  • sridharan says:

    Dear Sree,

    Nice article.. i have doubts regarding

    1. “If your Income Tax Return is not subject to any Tax Audit, the due date for Tax Filing is 31st August, 2019 (as of now).” – 31-07-2019 or 31-08-2019.

    2. “a standard deduction of Rs 40,000 in lieu of travel, medical expense reimbursement and other allowances has been proposed for salaried employees and pensioners.”
    – I think only “Standard Deduction’ of Rs 40,000 replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per annum.” not other allowance.

    Please advise us

    Thanks ..

    • Sreekanth Reddy says:

      Dear sridharan,
      1 – I had noticed this as soon as I published the post and updated it as 31-07-2019. Mostly, you might be viewing a previous cached version of the blog post.

      2 – Updated the wordings. Thank you!

  • RAJan says:

    Dear Sree,
    Thank u for the timely release of this article . Very very relevant and useful.

  • Mathi says:

    Dear Sreekanth,

    As usual timely release of useful article. Thanks for this.

    What about NRI tax return form who is having income more than 50L with housing & MF returns?

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